This article was originally published on the Seattle Homes Blog:
2013 was one of the strongest years the Seattle real estate market has seen in a long time. With double digit gains in almost every category of total sales figures and median home prices, the greater Seattle metro took back a large portion of the equity that had been lost during the real estate downturn that began in 2007.
Total home sales for King County in 2013 stood at 30,976 closings, according to the NWMLS database. Houses made up the bulk of that figure with 24,400 sales, compared to 6,576 condo sales
Residential King County Sales and Median Home Prices, 2012-2013 (Houses and Townhomes)
Those sales represented a 12 percent increase in total home sales compared to 2012. The condo market had a slightly larger gain with 14 percent year-over-year gains.
Median home prices in the Seattle market had similar increases. The December 2013 median price of a house in King County was $421,000, around 13 percent higher than one year earlier. Median condo sale prices this December were up a surprising 30 percent over the same month in 2012, while the full year’s median price gain was closer to 17 percent.
Condominium Sales and Median Condo Sale Prices, King County 2012-2013
The continued strengthening of the technology employment market in the Puget Sound region shows no signs of slowing down, and the real estate market reflects that. Seattle and its surrounding cities will likely show a moderated growth pattern for 2014, as prices and sales grow at a slower pace. The overall trend will still be one of fairly strong buyer competition but increasing inventory to lessen demand a bit from the ultra-tight market we saw in 2013.